ICBC, Ping An Insurance Sign E-commerce Cooperation Agreement

Industrial and Commercial Bank of China and Ping An Insurance (Group) have signed an e-commerce strategic cooperation agreement to implement business cooperation in related areas.

Under the agreement, the two parties will work together to promote the online payment of insurance fees across China; expand new business models and business cooperation sectors focusing on online insurance and phone insurance; launch capital regulation and financing services related to e-insurance business; and establish a new model for the cooperation between banks and insurance companies.

ICBC is the largest commercial bank with the highest credit rating in China. In 2009, the trading value of its e-bank reached CNY181 trillion. Meanwhile, the bank is actively adjusting its service structure while developing new intermediary services like bank insurance. At present, ICBC occupies about 30% share in the Chinese bank insurance market.